Shkreli ordered to return $64M, is barred from drug industry
A federal judge has ordered Martin Shkreli to return $64.6 million in profits he and his company reaped from inflating the price of the life-saving drug Daraprim and barred him from participating in the pharmaceutical industry for the rest of his life
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A federal judge on Friday ordered Martin Shkreli to return $64.6 million in profits he and his company reaped from inflating the price of the life-saving drug Daraprim and barred him from participating in the pharmaceutical industry for the rest of his life.
The ruling by U.S. District Judge Denise Cote came several weeks after a seven-day bench trial in December. The Federal Trade Commission and seven states brought the case in 2020 against the man dubbed in the media as “Pharma Bro."
Shkreli was CEO of Turing Pharmaceuticals — later Vyera — when it jacked up the price of Daraprim. It treats a rare parasitic disease that strikes pregnant women, cancer patients and AIDS patients.
He defended the decision as capitalism at work and said insurance and other programs ensure that people who need Daraprim would ultimately get it.
But the move sparked outrage from medical centers to the 2016 presidential campaign trail, where Hillary Clinton termed it price-gouging and future President Donald Trump called Shkreli “a spoiled brat.”
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.